Lenders and credit reporting firms are still working through how to handle the current state of the US consumer; lenders...
While many are concerned about the future of crypto, Milo has launched a new crypto loan after seeing sustained interest.
According to National Mortgage News nine lenders including loanDepot were warned last year that they could be removed from the...
Fannie Mae is testing a new program which would have appraisers assess a property without physically visiting it; appraisers will...
Blend is on a mission to expand into more banks and credit unions with their new digital account opening product;...
Lennar Corp. is the largest homebuilder in the United States; they will leverage technology built by Blend to allow their customers to apply for mortgages online and through mobile devices; this will cut down significantly on the time to apply for a mortgage and Lennar hopes it will also help attract millennial buyers. Source
Finastra partnered with FormFree to streamline borrowing for mortgage lenders with an automated underwriting process.
According to researchers from the Federal Reserve and University of California, non-bank mortgage lenders are not prepared to weather a financial downturn and are a risk to taxpayers; According to the paper, “Non-bank failures could be quite costly to the government, but this issue has received very little attention in the housing-reform debate. The funding and operational structure of the non-bank mortgage sector remains a significant channel for systemic liquidity risk.”; non-bank lenders originated half of home loans in 2016. Source
Capital One announced last year that they were exiting the mortgage and home equity originations business; some of those employees are landing at Flagstar bank to expand their direct lending operation; Kristy Fercho, president of mortgage for Flagstar stated, “Capital One built a best-in-class digital platform, so we are excited about attracting this proven, high-caliber team in the direct-to-consumer space to Flagstar.” Source
Quicken Loans is experiencing growth due to the extraordinarily low-interest rate environment that Covid-19 has brought on the US financial...